5 Tips to Avoid Mortgage Application Rejection on Your Charlotte Home Purchase

As confusing as the mortgage application process can be, we do our best to alleviate as much of that confusion for our clients as humanly possible. Our goal is to see that you only have to go through it once when buying Charlotte home.

Here are five tips to keep in mind as you complete the application process to make sure you get the answer you want: Approved!

Make Sure Your Credit is Clean: If there are any lingering issues on your credit report, youll want to get them resolved prior to making the mortgage loan application; get your credit in high standing to assure that you qualify for the best possible loan rates.
Lower Your Debt: If you meet the income requirements, but have substantial debts elsewhere car payments, student loans, credit card debt your application may be denied. Budget, save and pay off as much debt as you possibly can.
Have the Required Income and Longevity on the Job: With the tightening of regulations, most of the wiggle room you may have had before is gone. You must meet both the employment and income requirements for the loan. Remember that not all income may be counted toward your loan rental property income, for instance, is often excluded. Proof of employment (and salary) is also required. If you are self-employed, you must have your income taxes filed for your company for at least one year, most of the time, two.
Negotiate the Repair of Any Condition Issues with the Seller: Lenders are leery of extending loans on any Charlotte real estate that could later be deemed distressed. Issues exposed during the appraisal process or FHA/VA inspections should be addressed for loan purposes, as well as for your own comfort and safety.
Follow the Instructions: The massive amount of paperwork required for your mortgage loan application can be a nuisance but, they are required. Provide the documents in a timely fashion and make certain that your application is complete to avoid later urgent requests for amendments to your application.

Put these tips into action and your application is more likely to be.

If youre ready to buy Charlotte real estate, I can help. Whether you need help finding a reputable lender or a home to buy, give me a call today at (704) 491-3310 or email me at Broker@TheCharlotteScoop.com.